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2018 mortgage real estate resolutions worth making


Boyle, professor and director of the Program in Real Estate at Virginia Tech. Also, “request that any incorrect reporting be removed from your credit report. Pay down your credit cards and any outstanding debt to improve your score quicker. And avoid ...


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Posted 01/13/2018 by Erik JMartin Erik JMartin has written on real estate, business, tech and other topics for Reader’s Digest, AARP The Magazine, The Chicago Tribune and his blog, Martinspiration. 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Setting goals can helpBy pinpointing your aims and pursuing strategies to attain them, you stand a better chance of reaching your targets. First-time home buyers guide: the basics Pledges are often broken, though; you’ll need disciplineSacrifices are requiredExpect a few setbacks along the way, too. Remember: actions speak louder than wordsCommitting to objectives is a good first stepBut following through on them will take a lot of effort and patienceKnowing that a home of your own is waiting at the finish line makes it all worth it. Verify your new rate (Jan 14th, 2018) Why 2018 mortgage goal-setting is important Mark Lee Levine, professor at the Burns School of Real Estate and Construction Management, University of Denver, says it’s human nature to delay our dreams. “As is true with much of what we do, we procrastinate,” says Levine“And with a large purchase and many issues to address, it is much easier to put it off for another day.” This is why setting goals and devising a plan to achieve them is crucialBut the goals we set have to be specific, realistic and taken seriously. Don't just list it -- schedule it “Goals must be important to us for reasons we can clearly identify and that have immediate bearing,” says Alex Stajkovic, assistant professor of management and human resources at the Wisconsin School of Business. “Having a resolution to keep your weight in check because it’s generally good is one thingBeing told by a physician that your weight may soon lead to a stroke is another.” The key to whatever goal you set is commitment and taking practical steps to fulfill them, Stajkovic addsThat means, instead of resolving to "save money," make it, "I will have $25 a week deducted from my check into a home savings account." Be precise and inspirational For best results, be particular. “The goals you set should be specific,” says Stajkovic. How long does it take to save a down payment? For example, set a first goal of having a 20 percent down payment saved by September 1And, set a second goal of moving into your first home before New Year’s day. Stretch; don't snap “Goals must be challenging, yet achievable,” Stajkovic notes“Easy goals are not motivatingAnd goals perceived to be beyond your ability may decrease your effort.” Goals should indicate deadlines, tooBut keep in mind that “ Having insufficient time raises goal difficulty, and having too much time kills motivation,” he adds. 5 ways to borrow the mortgage down payment for your home Also, avoid open-ended and overly general goals, such as “I want to own a home.” These direct insufficient attention toward an identifiable end, says Stajkovic. Subgoal 1 -- credit Setting home-buying goals is the easy partThe real work involves achieving themTo help, you’ll need to set and fulfill smaller goals. First, work to improve your credit. “Rather than set a credit score target, review your credit score and identify actions you can take to raise that number,” says Kevin JBoyle, professor and director of the Program in Real Estate at Virginia Tech. 5 ways to raise your credit score today Also, “request that any incorrect reporting be removed from your credit reportPay down your credit cards and any outstanding debt to improve your score quickerAnd avoid being late with payments.” Keith Baker, Mortgage Banking Program coordinator and faculty at North Lake College, agrees that improving your credit score should be an essential goal. “A higher credit score makes it easier to qualify for a mortgageAnd the higher your credit score, the lower your mortgage interest rate,” says Baker. Subgoal 2 -- savings Second, prepare to set money aside on a consistent basis, says Boyle. “For example, have money from each paycheck automatically go to a separate account that you don’t use for other purposes,” Boyle says“Set a sensible savings target for each pay periodStart as soon as possible and aim for a realistic amount you can live withoutIt should be sufficient to build toward your down payment.” Complete guide to down payment assistance in the USA To motivate you, learn what your mortgage payment would be versus any rent paid nowAnd start saving the difference. “This will help you will quickly understand how your spending habits will have to change when you purchase and finance a home,” Baker says“Also, prepare to save up for closing cost expensesMost first-time buyers underestimate how much it costs to close a home loan.” More tips -- do them! Consider making these real estate resolutions as well: Write down your goals on paper“If the specific steps to be accomplished and the timetables to meet these tasks are not written down, it’s likely that 2018 will come and go—without the home purchase that was desired,” adds Levine. Assemble a teamThat means choosing an experienced agent or broker and picking a lender“Meet with these experts and develop a plan,” says Levine. Set dates and stick to them“Outline a table of key dates and objectivesThis can include getting prequalified for a loan by a given dateAnd making plans to visit a minimum number of homes for sale by a given date,” Levine recommends. Use paper and online calendars to schedule these goals and stepsCreate electronic reminders to keep you on pace“It’s important for buyers to have a constant reminder of these timing issues,” Levine says. Create a plan B“This could be a commitment to put aside a given amount of money each month until your purchase is met,” suggests Levine. Don’t give up“If you cannot meet your target, adjust your expectations,” says Boyle“Reduce the amount you are savingAnd perhaps reconsider the target home purchase price.” Creating and sticking to your plan should make homeownership possible for youBut the best-laid plans can derail -- medical emergencies, job losses, a new addition to the family -- can occurSo an emergency fund should be part of your plansBut more important, even if you miss a deadline, you made progress -- that puts you a step closer and is something to be proud of. What are today's mortgage rates? As of this writing, some minor inflation has squeezed into financial marketsThat's especially true of oil pricesHowever, mortgages are still extremely affordable (after all, a .125 percent increase to a 4 percent rate on a $100,000 loan adds exactly $7.23 a month to a payment. Verify your new rate (Jan 14th, 2018)   Erik JMartin The Mortgage Reports Contributor Erik JMartin has written on real estate, business, tech and other topics for Reader’s Digest, AARP The Magazine, The Chicago Tribune and his blog, Martinspiration. The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full BeakerThe views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates. Try the Mortgage Calculator Resources Get Today's Rates Mortgage Calculator View Loan Limits SIGN UP Stay informed on the mortgage news that interests you. Related Articles Home refinance: When should you consider it? FHA Streamline Refinance Chart, Guidelines, Rates, & Refunds Private Mortgage Insurance (PMI) Is Neither "Good" Nor "Bad" Va Streamline Refinance: About the VA IRRRL mortgage program & VA mortgage rates How Much Home Can You Afford? How to cancel FHA MIP or conventional PMI mortgage insurance View Today's Mortgage Rates FHA Loan With 3.5% Down vs Conventional 97 With 3% Down How To Use Your Mortgage "Cash-Out" Refinance Why You Should Shop Around When You Refinance First Time Home Buyer's Guide What is a mortgage refinance, in plain English How To Buy A House with No Money Down in 2018 Complete guide to VA home loans [2018] Before making a 20 percent mortgage down payment, read this Useful Articles HARP Mortgage USDA Loans Mortgage Insurance Premium VA Mortgage Rates Mortgage Rates Today Mortgage Calculator With PMI FHA Back To Work Program 203k Loan VA IRRRL 3 Testimonials Joan H The Mortgage Reports is doing the BEST mortgage reporting of anyone out there! Elizabeth CLibrarian Thanks to The Mortgage Reports, I have a new, very low rate for my homeI owe you so much. Amit DResearch Scientist The Mortgage Reports gave me valuable information, tips, and advice which helped me to acquire a home with the lowest mortgage interest rateKeep up the good work! 2018 Conforming, FHA, & VA Loan Limits Mortgage loan limits for every U.Scounty, as published by Fannie Mae & Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA) Quick Links Mortgage Rates Today FHA Refinance VA Mortgage Rates HARP Loans USDA Home Loans First-Time Home Buyers Guide The Ultimate Guide to VA Loans and VA Benefits Mortgage News in Spanish Join Our Lender Network! Who We Are About Us Contact Us We are on Facebook We are on Google+ We are on LinkedIn We are on Twitter Consumer Mortgage Tools 2017 Mortgage Loan Limits Get An Instant Rate Quote Mortgage Calculator Widget Mortgage Payment Calculator

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